30 April 2015: Nifty Elliott wave analysis: Derivative expiry may end on wild note. Support = 8150, below this 8000 is not too far.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 30 April 2015: -

On 29 April 2015, FII Sold INR 718.31 crs and DII Bought INR 912.46 crs

Tussle continues near 200 DMA. Although I traded long to get good gain intraday trade, I can say that bears are on winning note. We have derivative expiry today for April month series. Today is last trading day of the week too. Hence, market may go on wild note.

My anticipation is that there must be many traders left in the market who may have forwarded long as they have not got many opportunities to exit. They may go nervous on expiry day. Hence we should give edge to bears only. From past many expiries we saw that expiry day used to follow same direction which market used to stay in past few days. Clearly, market was down from past many days.

For today’s trading session, I am expecting negative opening. It may open in the range of 8200 levels. We will see immediate trading support to emerge at 8150 but I am strongly doubtful about support today. Today be as wild as it can give a crash towards 8000 kind of levels too. Just hope that 8150 works. If not then 8000 is not too far. On higher side, nothing is safe.

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Strategy for Nifty May future – we have derivative expiry today and there is no sign of revival. It may see continuation of fall today also. On higher side it has resistance at 8350 and then at 8380 levels. In the downside 8250 is a support below which it can see a crash.

S&P 500 (USA) – It has again turned down from near to 2120 levels. It is limiting its trading range near to 2120 levels but there is no any good sign to short yet. On higher side it still tough to trade although it has hint for advance towards 2145 levels. I will maintain distance from this index when we have so many opportunities in Indian indices. There is no possibility of good short signal unless S&P close below 2096 at least.